Bitcoin miner revenue hits all-time high amid price surge

Mining revenue for bitcoin has hit its all-time high over the weekend as the value of the world’s largest cryptocurrency continued to rise.

According to The Block data , the seven-day moving average of miner earnings hit $68.28 million on March 9, surpassing the previous all-time high of $67.15 million in May 2021. The revenue rose further to $68.35 million on Sunday.

Bitcoin BTC +4.23% set its record price of $72,711 on Monday. It has since traced back to trade around $72,000, but it still marked a 5% growth in the last 24 hours leading up to Tuesday afternoon in Asia, The Block’s Price Page data showed. 

The bitcoin price rose by over 230% from its value one year ago, on the back of spot bitcoin ETF approvals in the U.S. earlier this year. Last week, the transaction volume on the bitcoin network also reached its 18-month high. 

Miners have been scurrying to profit from the latest bull run, with 13 major bitcoin mining companies ordering over $1 billion worth of mining rigs since last February, according to a Bloomberg report citing data from TheMinerMag. 

Meanwhile, bitcoin is awaiting its next halving event in April, which is expected to cut miner rewards from 6.25 bitcoin per block to 3.125, essentially reducing its supply growth.